BCGAME - Free 5BTC Daily Bonus!According to crypto analyst Benjamin Cowen, a respected influencer in the crypto space, a short-lived bull rally is on the horizon for these cryptocurrencies.
Speaking recently to over 700.000 YouTube followers, Cowen highlighted that altcoins in 2023 are likely to reproduce the 2018 pattern. At that time, they experienced a significant rise before suffering a drop to new lows.
Cowen, a careful student of cryptocurrencies, believes that the current altcoin landscape is no different from the past. He hints that the rally will stop when Bitcoin (BTC) dominance re-establishes itself.
For those new to the crypto space, the Bitcoin (BTC.D) dominance chart is an essential indicator that plots how much of the total value of the cryptocurrency market belongs to Bitcoin. A higher BTC dominance level implies that traders are preferring the leading digital asset over altcoins. He singled out altcoins – Ethereum (ETH), Polkadot (DOT), Cardano (ADA) and Avalanche (AVAX) – for a possible short-term bullish rally..
Benjamin Cowen points out: “My opinion is that until proven otherwise, the altcoin market is still no different than what we've seen before. The alternative market rallied against Bitcoin in 2018, rallied against Bitcoin in 2019, but at the end of 2019, it fell back to 25% of Bitcoin's market cap.”
“In the 2019 altcoin rally it went back into the bull market support band around 0,53, so that's exactly where the bull market support band is now, maybe a little lower, it's at 0,52 , so 52%.”
According to Cowen, several altcoins including Polkadot, Cardano, Avalanche and Polygon are currently respecting their 20-week simple moving average (SMA) as resistance. Last week, Cowen predicted that altcoins would be “crushed” as Bitcoin’s dominance level looked set to rise. At the time of writing, BTC's dominance level is 49,9%.
